Mike Tyson has a history of being the victim of
financial exploitation. But those
days are over as Mike Tyson has filed a suit
against Live Nation-owned financial services
firm, SFX Financial Advisory Management
Enterprises for embezzlement.
According to the suit, Tyson claims that one of
SFX's advisors embezzled over $300,000 and cost
him millions of dollars in losses. The lawsuit also
states that the Live Nation-owned financial
services firm has not provided the former
heavyweight champion or his wife with a detailed
report of their losses. The lawsuit asserts that due
to the embezzlement, Iron Mike was not able to
get out of bankruptcy and thus turn down
lucrative contract offers. Here is a direct quote
from the lawsuit:
"Defendants did not secure, protect, safeguard
and appropriately apply the Tysons' finances for
their intended purposes, but instead
misappropriated said funds for the benefit and
enrichment of SFX/Live Nation."
Tyson is seeking "more than $5 million in
damages for breach of fiduciary duty, negligent
hiring, unjust enrichment and other claims,"
according to The Huffington Post. A Live Nation
Entertainment Inc representative states the
company can not comment on the suit until they
are served with the papers.
Tyson has reinvented his career since Tyson
proclaimed he wanted to move on with his life
following his embarrassing defeat in this final
bout no June 11th, 2005 to Kevin McBride. He has
starred in record-breaking The Hangover series
and on February 28th will begin a 3-night one
man show about his life since the 1980s called
Mike Tyson: Undisputed Truth. Directed by Spike
Lee, the show will be at the Orpheum Theatre in
New York City.
Sent from my BlackBerry wireless device from MTN
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